NIT Srinagar signs MOU with FIRST to promote incubation activities, startup ecosystem

‘It will further strengthen ties in innovations and technology”: Director NIT

Srinagar, February 15: The Innovation, Incubation and Entrepreneurship Development Centre (IIEDC), National Institute of Technology (NIT) Srinagar Wednesday signed an MoU with Foundation for Innovation & Research in Science & Technology (FIRST) to promote incubation activities and startup ecosystem in the region.

The MoU was signed between Director, NIT Srinagar Prof. (Dr.) Rakesh Sehgal and Prof. Ankush Sharma, Professor-In-Charge, Innovation & Incubation, IIT Kanpur.

Dean Research and Consultancy (R&C) NIT Srinagar, Prof. M F Wani, Registrar Prof. Syed Kaiser Bukhari, Head, IIED Centre, Dr. Saad Parvez, Dr. Nikhil Agarwal, CEO, SIIC (FIRST).

 Dr. Sanchita Chaudhary, Vice President (Projects), SIIC, and Mr. Deepak Agarwal, Consultant SIIC, among other dignitaries were present at the occasion.

As per the MOU, both IIDEC NIT Srinagar and FIRST IIT Kanpur will understand the industrial strength of the region in terms of innovation and business activities.

On the occasion, Director, NIT Srinagar Prof. (Dr.) Rakesh Sehgal said it is indeed a matter of great pleasure that both NIT Srinagar and FIRST are coming together to sign the historic MoU. This collaboration will further strengthen the ties in innovations and technology, he said.

“This MoU will promote the idea of innovation, incubation amongst students, and technical manpower so as to develop new products and technologies,” he said.

Prof. Sehgal said IIEDC and FIRST are doing appreciable work.  Now there is a need for joint collaboration to serve society and reach out to every sector through innovations.

Dean Research and Consultancy (R&C) NIT Srinagar, Prof. M F Wani said this MoU will boost the mutual coordination between the two startups. 

“I am confident that this partnership will help us reach out desired results,” he said.

Institute’s Registrar, Prof. Syed Kaiser Bukhari said the signing of this MoU will bring both organizations closer to serving society.

“Both NIT Srinagar and FIRST Kanpur will jointly work in the promotion of incubation activities for startups, and incubators in the region, he said.

Prof. Bukhari said the goal of this MoU will be achieved within the given time frame. He also emphasized on establishing cross-linkages among various technological institutions to develop innovative ideas.

Dr. Saad Parvez, Head IIED Centre said both NIT Srinagar and FIRST will work together on more projects. This collaborative move will bring synergy in finding novel and innovative solutions to the problems faced by the industry in the region,” he said.

FIRST, is a Company incorporated under section 8 of the Companies Act, Start-up Incubation and Innovation Centre (SIIC), IIT Kanpur to promote incubation activities and startup ecosystem in the region.

As per MoU, both parties will be understanding the industrial strength of the region in terms of innovation and business activities.

“Strategically assisting in developing operations, governance, business and self-sustainability model for the Incubation Center. Mapping potential sources for raising funds including pitching to investors,” it said.

The MoU further said Cooperation and promotion of incubation activities for the startups, in areas of mutual interest including but not limited to agri-processing, waste management, energy, defense, alternative materials, and grass root innovations.

“Exchange of information, best practices relevant to the collaboration for developing effective entrepreneurship policy and framework. Collaboration on new projects and initiatives aimed at augmenting the startup ecosystem,” it said.

As per MoU, both parties will hold joint organization of Seminars, conferences, and workshops for start-up companies, Entrepreneurs, and on subjects of mutual interest, by extending invitations to each other’s representatives to participate therein.